Metals Acquisition (MAC) has become the largest ASX listing in five years, with big plans for Australian copper.
The company launched yesterday with a $325 million initial public offering (IPO), with the issue of 19,117,648 chess depositary interests (CDI) at $17 per CDI.
MAC’s foundational asset is the CSA copper mine near Cobar, New South Wales, which the company acquired from mining giant Glencore last year.
CSA is touted to be the highest-grade copper mine in Australia. The company will use the proceeds of its offer to further develop the mine and deliver a deferred payment to Glencore.
MAC also listed on the New York stock exchange, which the company said is part of its goal to acquire assets in high-quality, stable jurisdictions around the world that are critical in the electrification and decarbonisation of the global economy.
“We are very pleased to have achieved an ASX listing and thank our new shareholders for their support for MAC,” MAC chief executive officer Mick McMullen said.
“An Australian IPO and listing will allow us to pursue a range of organic and inorganic growth opportunities in Australia and globally to continue building shareholder value.
“While we have made significant progress in improving overall operational performance at our CSA copper mine to date, our initial focus will be to assess further exploration, development, and production improvement opportunities.”
MAC said its goal is to create a leading mid-tier, multi-asset producer of metals critical to the decarbonisation of the global economy.
“As we grow, we are focused on ESG stewardship and a firm commitment to the responsible and sustainable discovery, development, extraction, and use of mineral resources,” McMullen said.
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